FTX.US, the American arm of the international FTX cryptocurrency exchange, has just released its latest quarterly results, showing quarter-over-quarter growth across several key metrics. The most notable piece of data from the Q3 results is the fact that FTX.US boasts higher liquidity than publicly traded Coinbase and long-established competitors like Kraken and Binance.US.
Key takeaways:
- On Thursday, West Realm Shires Services Inc, the operator of FTX.US, shared the exchange’s business results for the third quarter of 2021. The US-regulated crypto trading platform experienced a massive 512% increase in average daily trading volume during the quarter.
- Although the Sam Bankman-Fried-founded FTX.US trails Coinbase, Kraken, and Binance.US in terms of the total trading volume, the US-based exchange fares better than its competitors in terms of asset liquidity.
- According to Investopedia’s definition, in finance, liquidity refers to the efficiency with which an asset or security can be converted into fiat without affecting its market price.
- The exchange accounted for 4.5% of the total US spot market trading by the end of September, an almost 40% increase compared to the start of Q3.
- During the three-month period between the start of July and the end of September, the FTX.US userbase had grown by 52%.
- “The trust and support of our user base has allowed FTX.US to become the fastest growing and most in-demand crypto exchange in the U.S.,” commented President of FTX.US Brett Harrison and continued by adding, “we have barely scratched the surface.”
- Coinbase recently revealed its Q3 2021 results. The publicly traded exchange underperformed expectations in terms of revenues and profits, which led to a dip in its share price.
- The FTX.US is rapidly expanding its list of products and services – in mid-October, for instance, the exchange added support for Solana-based non-fungible tokens (NFTs) and is reportedly planning to add support for Ethereum-based NFTs in the future.
